Summary: New York City; Appropriations; General Obligation; Joint Criteria; Liquidity Facility; Moral Obligation; Sales Tax

S&P Global Ratings revised the outlook to negative from stable on New York City's general obligation (GO) and associated appropriation-backed bonds, and affirmed its 'AA' long-term rating on the GO debt outstanding. At the same time, we assigned our 'AA' long-term rating to the city's approximately $1.5 billion fiscal 2021 taxable GO bonds consisting of series D and series E (amounts to be determined at final pricing). Following this transaction, the city will have about $37 billion of GO debt outstanding. New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount, secures the bonds as well as the GO debt outstanding. Proceeds from the series D and

...S&P Global Ratings revised the outlook to negative from stable on New York City's general obligation (GO) and associated appropriation-backed bonds, and affirmed its '##' long-term rating on the GO debt outstanding. At the same time, we assigned our '##' long-term rating to the city's approximately $1.5 billion fiscal 2021 taxable GO bonds consisting of series D and series E (amounts to be determined at final pricing). Following this transaction, the city will have about $37 billion of GO debt outstanding. New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount, secures the bonds as well as the GO debt outstanding. Proceeds from the series D and E bonds will refund debt outstanding to lower overall debt service requirements. In addition, we affirmed our '##-' underlying rating (SPUR) on the city's appropriation debt outstanding, excluding the Hudson Yards Infrastructure Corp.'s (HYIC) second indenture bonds,...

Summary